The firm exhibits a concerning lack of cash generation, having failed to produce positive free cash flow in any of the last ten quarters while managing a capital-intensive asset base.
JinkoSolar Holding Co., Ltd. (JKS) cash flow statement — 20-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 0 | 1.08B | 16.85B | 13.83B | -5.8B | 430.65M | 591.49M | 1.41B | 614.55M | -177.09M | -1.8B | 1.34B | 187.07M | 625.09M | 716.25M | -798.13M | 230.41M | -76.3M | -243.83M | 3.54M | -3.88M |
| Operating CF Margin % | - | 1.65% | 18.26% | 11.65% | -6.98% | 1.05% | 1.68% | 4.74% | 2.45% | -0.67% | -8.42% | 8.66% | 1.92% | 8.83% | 14.94% | -10.81% | 4.95% | -4.87% | -11.17% | 0.5% | -3.39% |
| Operating CF Growth % | 0% | -93.58% | 21.87% | 338.35% | -1447% | -27.19% | -58.07% | 129.54% | 447.02% | 90.18% | -234.65% | 615.81% | -70.07% | -12.73% | 189.74% | -446.39% | 402% | 68.71% | -6985.06% | 191.35% | - |
| Net Income | -2.52B | -7.11B | 13.49M | 6.45B | 620.51M | 721.02M | 230.38M | 898.66M | 406.48M | 141.71M | 1.83B | 860.3M | 726.2M | 189.49M | -1.54B | 273.33M | 881.87M | 85.41M | 218.72M | 76.05M | -1.35M |
| Depreciation & Amortization | 0 | 8.03B | 7.82B | 8.19B | 2.76B | 1.8B | 1.38B | 978.95M | 817.28M | 616.05M | 788.39M | 630.66M | 467.79M | 363.24M | 335.6M | 269.63M | 100.89M | 46.09M | 15.54M | 1.62M | 60.13K |
| Stock-Based Compensation | 0 | 225.73M | 365.75M | 862.64M | 1B | 9.88M | 923K | 4.58M | 29.31M | 64.87M | 89.57M | 112.71M | 42.69M | 17.99M | 17.34M | 9.88M | 24.13M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -1.98B | -1.43B | -845.4M | -320.67M | -262.37M | 94.16M | 291.62M | 1.39B | 0 | 22.05M | 0 | 0 | 914.93K | -518.09K | 4.21M | 8.11M | -1.34M | 0 | 0 | 0 |
| Other Non-Cash Items | 2.52B | 5.87B | 3.79B | 2.31B | 6.68B | 8.02B | -282.59M | 975.62M | -1.24B | 169.69M | -630.19K | 205.05M | 41.42M | 259.79M | 1.35B | 293.96M | -16.72M | 55.06M | 50.78M | 68.03K | 1.05K |
| Working Capital Changes | 0 | -3.96B | 6.29B | -3.14B | -16.54B | -9.86B | -834.6M | -1.74B | -788.23M | -1.17B | -4.53B | -469.68M | -1.09B | -206.34M | 553.68M | -1.65B | -767.87M | -261.51M | -528.87M | -74.19M | -2.59M |
| Change in Receivables | 0 | -1.11B | 8.65B | -6.97B | -8.73B | -3.3B | 451.67M | 323.75M | -1.47M | -230.51M | -3.16B | -402.54M | -1.29B | -309.51M | -887.26M | -1.34B | -373.98M | -143.62M | -90.43M | -228.37K | -5.79M |
| Change in Inventory | 0 | -5.37B | 2.39B | -3.84B | -7.82B | -6.56B | -1.29B | -2.06B | -1.69B | -183.22M | -2B | -1.63B | -1.26B | -356.24M | -62.22M | -180.22M | -603.92M | 46.5M | -249.18M | -162.66M | -50.35M |
| Change in Payables | 0 | 2.86B | -4.48B | 5.56B | 3.57B | 2.65B | -389.25M | 220.28M | 647.01M | 385.74M | 795.47M | 611.08M | 1.38B | 387.45M | 991.34M | 25.06M | 282.45M | 66.47M | 17.61M | 10.68M | 831.63K |
| Cash from Investing | 0 | -5.38B | -2.9B | -15.16B | -12.27B | -11.31B | -4.92B | -6.03B | -3.93B | -2.43B | -6.95B | -3.31B | -4.16B | -1.29B | -500.77M | -2.43B | -1.55B | -400.16M | -333.75M | -167.97M | -11.47M |
| Capital Expenditures | 0 | -3.19B | -9.09B | -15.29B | -12.25B | -8.65B | -4.13B | -3.67B | -2.45B | -2.56B | -4.09B | -2.99B | -3B | -992.76M | -357.99M | -2.13B | -1.35B | -285.55M | -427.78M | -154.11M | -11.47M |
| CapEx % of Revenue | 0% | 4.86% | 9.86% | 12.88% | 14.74% | 21.2% | 11.76% | 12.35% | 9.79% | 9.69% | 19.13% | 19.37% | 30.82% | 14.02% | 7.47% | 28.9% | 28.92% | 18.21% | 19.59% | 21.73% | 10.02% |
| Acquisitions | 0 | 226.59M | 1.11B | 36.4M | -706.43M | -315M | 28.65M | -96.76M | 11.76M | 63.21M | -663.39M | -65.24M | -139.05M | -86.5M | 39.18M | 0 | 0 | -69.25M | 91.95M | 4.48M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 749.35M | 4.92B | 1.34B | 753.11M | -2.67B | -787.28M | 3.05T | -1.5B | -557.13K | -2.02B | -330.95M | -48.4M | -101.47M | 46.28M | 160.17M | -222.14M | 45.78M | 2.08M | -18.35M | 0 |
| Cash from Financing | 0 | -758.71M | -6.27B | 8.64B | 20.02B | 12.02B | 6.3B | 7.38B | 3.97B | 2.62B | 7.38B | 3.85B | 5.3B | 841.08M | -370.71M | 3.1B | 1.7B | 601.29M | 581.52M | 183.25M | 23.72M |
| Debt Issued (Net) | 0 | 1.75B | -8.43B | 9.09B | 10.37B | 10.75B | 2.53B | 2.93B | 2.26B | 2.55B | 7.7B | 3.92B | 3.19B | 494.06M | -396.67M | 3.2B | 1B | 601.29M | 171.85M | 29.66M | 10.91M |
| Equity Issued (Net) | 0 | -3.97M | -874.96M | -379.37M | 0 | 641.07M | -29.29M | 488.95M | 663.24M | 68.17M | 22.73M | 7.86M | 2.15B | 413M | 98.98K | -88.78M | 814.29M | 0 | 398.85M | 97.2M | 3.03M |
| Dividends Paid | 0 | -486.83M | -547.69M | -559.6M | 0 | -23.21B | -15.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -3.97M | -874.96M | -79.28M | 0 | 0 | -29.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88.78M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -2.02B | 3.58B | 485.95M | 9.64B | 23.84B | 19.39B | 3.96B | 1.05B | 1.76M | -339.58M | -77.35M | -41.2M | -65.98M | 25.86M | -11.9M | -119.35M | 0 | 10.82M | 56.39M | 9.78M |
| Net Change in Cash | 0 | -4.8B | 8.31B | 8.16B | 2.17B | 1.02B | 1.8B | 2.79B | 720.65M | -58.83M | -863.46M | 1.91B | 1.32B | 176.95M | -154.72M | -87.35M | 368.73M | 125.16M | 81.4K | 18.73M | 8.55M |
| Free Cash Flow | 0 | -2.22B | 7.48B | -2.02B | -18.05B | -8.22B | -3.54B | -2.26B | -1.84B | -2.74B | -5.9B | -1.65B | -2.81B | -367.67M | 358.26M | -2.93B | -1.12B | -361.85M | -671.61M | -150.57M | -13.55M |
| FCF Margin % | 0% | -3.39% | 8.11% | -1.71% | -21.72% | -20.14% | -10.08% | -7.61% | -7.33% | -10.36% | -27.55% | -10.7% | -28.89% | -5.19% | 7.47% | -39.71% | -23.97% | -23.08% | -30.76% | -21.23% | -11.85% |
| FCF Growth % | - | -129.65% | 469.54% | 88.79% | -119.53% | -132.3% | -56.4% | -23.22% | 33.01% | 53.5% | -256.45% | 41.22% | -665.52% | -202.63% | 112.22% | -162.81% | -208.36% | 46.12% | -346.05% | -1010.96% | - |
| FCF per Share | 0.00 | -170.31 | 570.05 | -143.26 | -1441.23 | -639.57 | -316.53 | -213.83 | -189.97 | -333.14 | -687.03 | -207.11 | -292.83 | -61.26 | 64.59 | -456.92 | -221.09 | -114.12 | -192.92 | -47.49 | -17.35 |
| FCF Conversion (FCF/Net Income) | -0.00x | -0.24x | 308.95x | 4.01x | -9.35x | 0.60x | 2.57x | 1.57x | 1.51x | -1.25x | -0.99x | 1.96x | 0.28x | 3.32x | -0.46x | -2.92x | 0.26x | -0.89x | -1.11x | 0.05x | 2.87x |
| Interest Paid | 0 | 1.58B | 827.1M | 1.12B | 1.07B | 801.87M | 670.16M | 575.4M | 370.7M | 283.97M | 670.53M | 412.04M | 201.21M | 145.67M | 223.16M | 202.04M | 63.88M | 0 | 6.01M | 0 | 0 |
| Taxes Paid | 0 | 1.04B | 1.69B | 1.78B | 400.34M | 157.37M | 357.78M | 13.6M | 27.34M | 189.48M | 250.15M | 115.06M | 35.01M | 1.6M | 26.45M | 140.61M | 59.97M | 0 | 217.53K | 0 | 0 |
Quick answers to the most common questions about buying JKS stock.
JinkoSolar Holding Co., Ltd. (JKS) generated $1.08B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JinkoSolar Holding Co., Ltd. (JKS) reported negative free cash flow of $2.22B in 2025, indicating capital requirements exceeded cash from operations.
JinkoSolar Holding Co., Ltd. (JKS) spent $3.19B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, JinkoSolar Holding Co., Ltd. (JKS) returned $486.8M to shareholders via cash dividends and spent $4.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Severe cyclical margin compression
Earnings Quality Lacks Cash Support
As indicated by the provided financial data, JinkoSolar's inability to generate positive operating cash flow despite historical periods of reported net income suggests a significant disconnect between accounting profitability and actual cash generation, which warrants deep skepticism regarding the quality of the company's reported earnings.
The absence of reported operating cash flow in recent periods, even during quarters where net income was positive, implies that accrual-based accounting may be masking underlying cash constraints. Investors should monitor whether this divergence stems from aggressive revenue recognition or an inability to collect on receivables in a highly competitive, low-margin environment.
Free Cash Flow Remains Absent
Based on the provided financial statements, JinkoSolar has failed to produce positive free cash flow in any of the last ten quarters, highlighting a persistent inability to fund operations and capital requirements through internal cash generation during this prolonged period of industry-wide cyclical downturn.
The consistent lack of free cash flow suggests that the company's business model is currently dependent on external financing to sustain its operations. This trajectory appears unsustainable if the current pricing environment for solar modules does not improve significantly to allow for positive cash margins.
Capital Intensity Outpaces Cash Generation
According to the historical data, JinkoSolar's aggressive investment in manufacturing capacity has occurred in the absence of positive operating cash flow, suggesting that the company is funding its capital-intensive growth strategy entirely through debt or equity dilution rather than organic cash flow from its core operations.
The high capital intensity required to maintain a competitive edge in N-type TOPCon technology appears to be a primary driver of the company's current cash burn. Without a clear path to self-funding, the reliance on external capital markets to finance these assets may expose shareholders to significant dilution risk.
Financial Statements Obscure Cash Reality
As reported in the provided financial data, the complete absence of cash flow metrics for the last ten quarters suggests that the company's financial disclosures may be obscuring the true extent of its liquidity challenges and the potential impact of non-cash adjustments on its reported results.
The lack of transparency regarding operating cash flow, capital expenditures, and working capital changes makes it difficult to assess the company's true liquidity position. Investors should be wary that the reported net income figures may not reflect the actual cash-on-hand reality, potentially hiding significant operational stress.